
\begin{tabular}{l c c c c}
\toprule
 & \multicolumn{2}{c}{Level (pct)} & \multicolumn{2}{c}{Changes (pct)} \\
\cmidrule(lr){2-3} \cmidrule(lr){4-5}
 & (1) & (2) & (3) & (4) \\
\midrule
USD Imbalance                                  & $-19.35^{***}$ & $-20.60^{**}$ & $0.00$     & $0.00$   \\
                                               & $(7.32)$       & $(7.30)$      & $(0.12)$   & $(0.12)$ \\
USD Imbalance $\times$ $\Delta$ FX Vol.        &                &               & $0.74^{*}$ &          \\
                                               &                &               & $(0.34)$   &          \\
USD Imbalance $\times$ $\Delta$ Global FX Vol. &                &               &            & $0.61$   \\
                                               &                &               &            & $(0.35)$ \\
$\Delta$ FX Vol.                               &                &               & $0.12$     &          \\
                                               &                &               & $(0.16)$   &          \\
\midrule
Date F.E.                                      &                & Y             & Y          & Y        \\
Currency F.E.                                  &                &               & Y          & Y        \\
Num. obs.                                      & $2360$         & $2360$        & $2347$     & $2347$   \\
R$^2$ (full model)                             & $0.21$         & $0.37$        & $0.34$     & $0.34$   \\
R$^2$ (proj model)                             & $0.21$         & $0.26$        & $0.01$     & $0.00$   \\
\bottomrule
\end{tabular}
